Best Financial Advice For Young Adults Going Into 2023 #shorts

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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

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[_Painted]

For anyone taking out payday loans or in credit card debt, pay those off as soon as possible, no matter what it takes. Live off beans and water, cancel your tv subscriptions, whatever it takes to get those debts paid off. Then keep going and save up an amount of money equivalent to the debt you just paid off. Next time something unexpected happens, like a car repair expense, instead of taking out a loan from someone else, give yourself a loan out of your savings. Treat it like a real loan: make your monthly payments back into your savings account, with interest, until your savings are back to full with a little extra. You’re now literally paying yourself all of the interest and loan payments instead of some sleazy loan shark now. Your future self will thank you.

[micahhenn]

True that, I am only 20 and I have been saving probably 80% of my income since I started working. My wife is a student and we have managed to buy, renovate, and rent out that house and have over 100k net worth (over 60% in cash) Anything is possible if you sacrifice now for time and freedom in the future!

[anneharry]

I'm in complete awe at how I went from living an average life to making over 63k per month. It's amazing. The financial markets are full with opportunities, but I've learned a lot over the past few years to doubt that. The key is knowing where to focus. Well appreciated,
MARCIA ANN BICE .

[ikemonyemelukwe]

Putting money in a "bank account" is a great way to "lose" money. Just inflation alone will erode the purchasing power of whatever amount you have saved !🤔

[rcruz]

I highly agree with almost everything, except for the bank account in which you're storing the money inside of.

[rizalynwatkins]

Great advise and I hope they will learn it from you…. You have a very persuaded commanding voice. Good luck in your journey!!!!

[kastnostones]

What should I invest in after I have six months of savings?

[tsaunders]

I agree with the 6 month emergency fund, but the average person can't afford to save 40% of their income. The average man in American makes betweek 45 to 50k before taxes according to social security administration. If you have a wife and or child your not going to be able to save hardly anything. 90% of America lives pay check to pay check and with inflation nowdys its tuff for a lot of people out there.

[dandowns]

Wise words I too wish I would have done this when I was younger. It amazes me that we do not teach finances in high school or even younger

[helprehouseourvets]

For those on disability who can save 90-95% of their monthly checks, the problem is, the govnn't doesn't allow them to save over 2k, invest or put money into any interest bearing acct & it
must be reported so they're stuck..true story

[theconsciouscreditconsumer]

Nice, very good advice. I will take this advice at 54.

[Greenlights]

Karlton, just found the channel and love the content. Subbed. Question being, I’m doing everything I can to save 55-60% of my income. I am 24 years old and make a very good income, I’m wondering why you recommend the 40% number and if I can continue investing between 30-50% long term, how can I retire early? Thank you.

[kenorsha]

Two incomes are better than one. This makes marriage, make sense, on another level.

[BrianGivensYtube]

This is true! I invest 34% of my income. About a year from now I will be able to afford a house!

[davidd]

Wisdom speaking. Imagine though starting off working 60 years ago and grossing $44 a week?!! And we "lived" on that. Now that's the "American Dream."

[Bigjohn]

With our current inflation, money loses its value way too quickly. I'd personally invest in sustainable property like a hobby farm since the stock markets are a mess and the economy is on a downhill slide.

[TyrellAdeyemi]

On the surface this makes sense. However, most folks between 20 and 30 aren't making enough money to save 6 months of their income. Let alone 40% of a paycheck. That's where the disconnect is. But that's not to say you couldn't save anything

[dylandossett]

Yea but some people gotta pay rent and car bills. The eating out and treating yourself can be saved tho

[Leeyouno]

And it'ssss gone. The bank loaned your deposit out and it didn't go so well.

[TickleMePinkGaming]

The millionaire next door cites 30% was making wealthy familiys in the 90s iirc.